The epidemiology of use of smokeless tobacco (SLT) products in the United States is expected to play a role of growing importance in tobacco control. Developments in tobacco control have stimulated public health debate surrounding potentially reduced exposure products (PREPs) as alternative to conventional cigarettes. Use of SLT has been increasing over the past 30 years. With expanded marketing of new products in the U.S., smokeless tobacco use may increase substantially in the coming years and will likely play an important role in tobacco control strategies. This study updates epidemiological trends using the Current Population Survey-Tobacco Use Supplement (CPS-TUS), investigates demand for SLT, and estimates price elasticities with respect to both SLT and cigarette prices. The study fills a needed gap in the tobacco control policy literature and sets the stage for further research examining additional policy measures, the most recent CPS-TUS date, and other surveys. The results may be used in cost-effectiveness analyses and simulation efforts to understand the role of SLT in a broad tobacco control strategy.